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Author Topic: Some problematic things about Coinbase  (Read 367 times)
Mashfiqun
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November 21, 2019, 03:06:25 PM
Merited by paxmao (1), 1miau (1)
 #1

Just a few things about using Coinbase.

Coinbase is a really popular exchange which also has a wallet feature. It's trading capacities aren't open to all the countries but the wallet function is open for all. So I see many newbies keeping their coins there because opening an account is simple, nothing much to back up etc...

1: Don't use Coinbase at all
Coinbase makes it easy for transferring coins from one account to another easy. But it's usually not recommended to use Coinbase to store any coins. Even if you have 2FA on, it's still not recommended. Because generally exchanges are rather insecure comparing to other wallets like Electrum or Coinomi. It could be hacked or might also be a scam, you can't be sure. So don't store your coins there.

2: About the verification
It is recommended to not use your IDs to verify on any website. Same goes with Coinbase. Sharing your IDs could lead to an identity theft.

3: About transferring big amounts
Sometimes Coinbase assumes your account might have some unusual behavior. So it may interrupt any transaction and can even ask for confirming your identity.
Once I deposited $600+ there. When I tried to transfer the coins, they refused to process the transaction. They sent an email stating my transaction will be done in 72 hours automatically. I cancelled the transaction. But it went through when I tried to send the money from the Coinbase app. I don't know what was the difference there.

4: The app
The app is kind of insecure. Because it doesn't even require the 2FA code to send transactions. You can be easily compromised.

So don't store your hard earned/invested money in Coinbase. If you can afford, buy a hardware wallet. If you can't, use something like Electrum and store your seeds and/or passwords on paper and keep them somewhere more secure.
Good luck guys. Smiley
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November 21, 2019, 04:32:59 PM
 #2

why are you targetting Coinbase? i did not use it before but as you said all of these possibilities same for all markets without DEX's. i did not see any special reason to not use coinbase.
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November 21, 2019, 05:08:35 PM
Last edit: November 23, 2019, 07:06:37 PM by Mashfiqun
 #3

why are you targetting Coinbase? i did not use it before but as you said all of these possibilities same for all markets without DEX's. i did not see any special reason to not use coinbase.
That's mainly because Coinbase is widely used by newbies as a wallet. I'm targeting them because of this and about that app too. Not as an exchange, but as an wallet to save coins for long term. Newbies don’t generally save coins on other exchanges that much.      
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November 21, 2019, 05:49:18 PM
 #4

The number 3 this is what I experienced today I have bitcoin stuck in my account in coinbase they said it will send after 72hrs but if I can't wait they will ask for KYC for an identity check. Well I'm waiting for my bitcoin to send to other wallets and hope after 72hrs they will send my BTC.

If not I will force to do a KYC which is I don't like honestly because even I'm verified in coinbase I think I can't still trade and exchange altcoin to bitcoin. Only US-based that I know you can trade in coinbase.

If they didn't send my BTC I will start spreading this news here about coinbase so that other users and newbie will know before they will experience the same thing.
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November 21, 2019, 05:59:37 PM
 #5

why are you targetting Coinbase? i did not use it before but as you said all of these possibilities same for all markets without DEX's. i did not see any special reason to not use coinbase.
That's mainly because Coinbase is widely used by newbies as a wallet. I'm targeting this because of this and about that app too. Not as an exchange, but as an wallet to save coins for long term. Newbies don’t generally save coins on other exchanges that much.      
Already veterans were/are yelling about this, not only coinbase never use any wallet which doesn't offer your private keys.

coinbase is not a wallet, its an exchange but they offer wallet as you mentioned but they have their ToS you are at risk of losing funds if you receive funds from gambling sites.

Use electrum desktop or app which is better for security and also have encryption password to restrict unauthorized logins.

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November 21, 2019, 06:02:25 PM
 #6

Just a few things about using Coinbase.

1: Don't use Coinbase at all
How is this a few things lmao. You literally bashed and warned everyone to stop using Coinbase the very first moment you listed these few things of yours.


2: About the verification
It is recommended to not use your IDs to verify on any website. Same goes with Coinbase. Sharing your IDs could lead to an identity theft.
Yes, you don't need to use your ID. but you didn't really need to specify it to Coinbase. Literally everyone should avoid it at ANY site or exchange there is. As much as possible that is.


3: About transferring big amounts
Sometimes Coinbase assumes your account might have some unusual behavior. So it may interrupt any transaction and can even ask for confirming your identity.
Once I deposited $600+ there. When I tried to transfer the coins, they refused to process the transaction. They sent an email stating my transaction will be done in 72 hours automatically. I cancelled the transaction. But it went through when I tried to send the money from the Coinbase app. I don't know what was the difference there.

It does require KYC, so honestly not that surprising they wanted to check on your transaction and identity first. What I don't understand is, how did them stating that the transaction will be done in 72 hours become refusal to process the transaction? Did their site actually popped a message refusing your transaction? And then you suddenly received an email about it?

PS: I ain't defending coinbase or anything, just that OP's calls are a bit too vague and honestly, who doesn't know how these exchanges work.


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Mashfiqun
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November 21, 2019, 06:56:41 PM
 #7

The number 3 this is what I experienced today I have bitcoin stuck in my account in coinbase they said it will send after 72hrs but if I can't wait they will ask for KYC for an identity check. Well I'm waiting for my bitcoin to send to other wallets and hope after 72hrs they will send my BTC.

If not I will force to do a KYC which is I don't like honestly because even I'm verified in coinbase I think I can't still trade and exchange altcoin to bitcoin. Only US-based that I know you can trade in coinbase.

If they didn't send my BTC I will start spreading this news here about coinbase so that other users and newbie will know before they will experience the same thing.
Cancel the transaction and use the app to do it again. I think it'll pass through, just as mine did.
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November 21, 2019, 06:58:59 PM
 #8

Just a few things about using Coinbase.

1: Don't use Coinbase at all
How is this a few things lmao. You literally bashed and warned everyone to stop using Coinbase the very first moment you listed these few things of yours.


2: About the verification
It is recommended to not use your IDs to verify on any website. Same goes with Coinbase. Sharing your IDs could lead to an identity theft.
Yes, you don't need to use your ID. but you didn't really need to specify it to Coinbase. Literally everyone should avoid it at ANY site or exchange there is. As much as possible that is.


3: About transferring big amounts
Sometimes Coinbase assumes your account might have some unusual behavior. So it may interrupt any transaction and can even ask for confirming your identity.
Once I deposited $600+ there. When I tried to transfer the coins, they refused to process the transaction. They sent an email stating my transaction will be done in 72 hours automatically. I cancelled the transaction. But it went through when I tried to send the money from the Coinbase app. I don't know what was the difference there.

It does require KYC, so honestly not that surprising they wanted to check on your transaction and identity first. What I don't understand is, how did them stating that the transaction will be done in 72 hours become refusal to process the transaction? Did their site actually popped a message refusing your transaction? And then you suddenly received an email about it?

PS: I ain't defending coinbase or anything, just that OP's calls are a bit too vague and honestly, who doesn't know how these exchanges work.

Ah, maybe they are a little vague and maybe I misinterpreted my English. And about the last line, this is meant for newbies. And I can guarantee you that there's more people who don't know how these exchanges work than you think. I see them everywhere. I just wanted to share my thoughts alongside it.
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November 21, 2019, 08:05:18 PM
 #9

Coinbase is a type of wallet where you don't have complete control of your funds. They could decide to lock it up anytime they want and ask for a KYC ransom in order to get back your funds.

It's the first wallet i got to know when joining the crypto space. In fact i even opened up an account with them but fortunately i have never used the wallet ever.

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November 21, 2019, 09:38:23 PM
Merited by 1miau (1)
 #10

There is one very important thing that everyone need to realize - Coinbase isn't a wallet, it's crypto trading platform which can be used as a wallet like many other exchanges.
1. As wallet, I agree. There isn't many good reasons to use Coinbase as a wallet. But as exchange, I don't see why people should avoid it. About keeping coins there - there is  same risks like on all other exchanges and wallets where you don't have full control of your crypto.
2. Well, without KYC verification you can't use most of Coinbase features. So, you have to choose, give them your personal data or simply don't use them. But other exchanges also requires KYC, so there is only few alternatives like decentralized exchanges.
3. This is normal thing because they have to follow AML regulations and have to check everything if they found your transactions suspicious. If you don't want it, simply use proper decentralized Bitcoin wallets. Because what do you expect from crypto bank?
4. I haven't tried Coinbase app for long time. But isn't there optional choice to enable 2FA before sending transaction? But maybe it's not big issue, because they ask for 2FA when you login to Coinbase app. So, it's not that easy yo access app and steal money from it.




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November 21, 2019, 09:59:12 PM
 #11


Not a supporter of Coinbase but these problems you have mentioned are also applicable to the majority of centralized exchanges around. It's even better to pick Coinbase over those small exchanges.*. Even using the most trading platform like Binance also has some risks.

It's a general rule of thumb that when it comes to exchanges, just only use their service and not to act as a primary store wallet. We can't hide the fact that for others, especially in their supported countries, it's convenient to do buy, sell and withdrawing their funds at Coinbase so even we throw our negative experience about this exchange, others will still continue to use their service.

So for new users, always conduct research about choosing an online exchange service.

So don't store your hard earned/invested money in Coinbase. If you can afford, buy a hardware wallet. If you can't, use something like Electrum and store your seeds and/or passwords on paper and keep them somewhere more secure.
Good luck guys. Smiley

As I have mentioned, for storing purposes, don't use an online wallet. It's quite basic and even newbies nowadays know this once they study the basics. Disregarding Coinbase, there are really times we need exchange services on either buying, selling, converting BTC to fiat and withdraw. Unless you are bound to hold your coins forever until the price hits at $50,000 or $100,000, then don't use any online services.

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November 21, 2019, 10:10:35 PM
 #12


The title should be: DON'T USE COINBASE

The things mentioned above are usual in any legit exchange. I don't see any popular and big exchange that doesn't involve on those concerns listed above.

Because generally exchanges are rather insecure comparing to other wallets like Electrum or Coinomi. It could be hacked or might also be a scam, you can't be

Where did you get this idea? Electrum and Coinomi do have their own feature on which Coinbase or any exchanges didn't have. Vice-versa, Coinbase, and any exchange also have their unique feature that hardware wallets, desktop wallets don't have. Now if we plan on storing our coins for long, people already know what to do here.

Let's get straight here, what online exchange do you recommend?

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khaled0111
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November 21, 2019, 10:23:06 PM
 #13

I never used coinbase's services. I even don't remember ever visiting their website. However, from reviews of many members on other threads it seems that it is a reliable platform.
Their main weakness is their support team. They take too long to respond to their customers. Sometimes, they never get back to you. All you get is a message from a bot asking you to wait.
My advice is to never use an online wallet to store your coins. Not coinbase nor any other online platform.

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November 21, 2019, 11:33:37 PM
 #14

If you have a big amount dont ever use coinbase, it very scary anytime they can disable your account and dont have control to your private keys. Better use hardware wallets or web wallet with control to your private keys. But I have tried their services with just few bucks and didnt have any problem.

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crairezx20
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November 22, 2019, 09:33:30 AM
 #15

Cancel the transaction and use the app to do it again. I think it'll pass through, just as mine did.

Are you sure? If I cancel today do you think I can send it through the app even I newly install the app on the phone just now?
I need the bitcoin before the end of this week if I cancel today and your suggestion won't work I will wait again for another 72hrs as their slow security purposes.

Maybe it works for you because you have the coinbase already on your phone in a long time?
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November 22, 2019, 01:17:08 PM
 #16

Cancel the transaction and use the app to do it again. I think it'll pass through, just as mine did.

Are you sure? If I cancel today do you think I can send it through the app even I newly install the app on the phone just now?
I need the bitcoin before the end of this week if I cancel today and your suggestion won't work I will wait again for another 72hrs as their slow security purposes.

Maybe it works for you because you have the coinbase already on your phone in a long time?
Not sure about his strategy but I did used coinbase in the past and they never asked for any kind of confirmation or waiting time for any huge amount as equal to 1 bitcoin while transacting via app so yes its worth to be tried.

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November 22, 2019, 02:20:41 PM
 #17

Cancel the transaction and use the app to do it again. I think it'll pass through, just as mine did.

Are you sure? If I cancel today do you think I can send it through the app even I newly install the app on the phone just now?
I need the bitcoin before the end of this week if I cancel today and your suggestion won't work I will wait again for another 72hrs as their slow security purposes.

Maybe it works for you because you have the coinbase already on your phone in a long time?
I don't think there's any restriction on how long the app has been installed. I had it for like 2-3 days. So it doesn't really matter. Try it. I hope it'll go through. Because as I said, it doesn't even require the 2FA when sending crypto. So there's a big chance that your transaction will go through instantly. Try it. Hope this helps.
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November 22, 2019, 02:25:11 PM
 #18


The title should be: DON'T USE COINBASE

The things mentioned above are usual in any legit exchange. I don't see any popular and big exchange that doesn't involve on those concerns listed above.

Because generally exchanges are rather insecure comparing to other wallets like Electrum or Coinomi. It could be hacked or might also be a scam, you can't be

Where did you get this idea? Electrum and Coinomi do have their own feature on which Coinbase or any exchanges didn't have. Vice-versa, Coinbase, and any exchange also have their unique feature that hardware wallets, desktop wallets don't have. Now if we plan on storing our coins for long, people already know what to do here.

Let's get straight here, what online exchange do you recommend?
I didn't  talk about Coinbase in this thread as an exchange. And about the last question you had, none of the exchanges are secure enough to store coins for long. So despite Binance being the #1 exchange, nobody should use it for storing coins. If someone wants to exchange, use 2FA, deposit, exchange and get your money out. And if someone earns by trading, they have to "risk" their money by keeping their money on exchanges and earn. Nothing to do in that case other than using strong passwords, using 2FA and not sharing the API key.
About the title, yeah, maybe you're right. I should've named it something like that. My bad.
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November 22, 2019, 03:55:07 PM
 #19

Coinbase is not exception of USA-based crypto exchanges that strictly regulated by the USA. government. There are many reasons why USA-based exchanges have lost their leading positions in crypto but local governmental managements are one of the most important reasons.

I think it will take very long period for USA-based exchanges to come back at leading positions among exchanges globally. They will, I believe, but the waiting time is not shortly. In global scale, there will be more strictly managements on crypto then when it happens USA-based exchanges will come back and play as game-changers. But as I thought, it is a very distant journey to go for USA-based exchanges.

Coinbase, I think they have jumped in serious period like Poloniex and Bittrex did previously.

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November 22, 2019, 06:21:22 PM
 #20

I don't think there's any restriction on how long the app has been installed. I had it for like 2-3 days. So it doesn't really matter. Try it. I hope it'll go through. Because as I said, it doesn't even require the 2FA when sending crypto. So there's a big chance that your transaction will go through instantly. Try it. Hope this helps.

Thanks, it works I thought it won't work but it works.
What is the reason why it works if you use apps than desktop?

Well, the transaction already get 1 confirmation so it means it works and I see my wallet right now shows my transaction and up coming transaction.
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